Pacific Life: Diabetic Life Insurance Options

If you're looking for life insurance as a diabetic, you may feel that your options are limited. However, there are several companies that offer policies to those with diabetes, including Pacific Life Insurance Company.

Pacific Life has a range of policies available, including term, whole, universal, indexed universal, and variable universal life insurance. The company also offers riders, or add-ons, to customise your plan.

Pacific Life's term policies can be converted to permanent life policies without a medical exam, which may be appealing to those with diabetes. However, it's important to note that Pacific Life does not offer online quotes, so you will need to speak to an agent to get a quote and apply for a policy.

Pacific Life has received high ratings for customer satisfaction and has few customer complaints registered with the National Association of Insurance Commissioners (NAIC). The company also has strong financial stability, with an A+ (Superior) rating from AM Best.

Overall, Pacific Life is a good option for those with diabetes who are looking for life insurance, offering affordable premiums and high coverage limits.

Pacific Life's term life insurance options

Pacific Life Insurance offers a range of term life insurance options to meet the diverse needs of its customers. Here is an overview of their term life insurance policies:

PL Promise Term:

This policy is designed for smaller coverage amounts and offers flexible term lengths. It has a minimum death benefit of $50,000 and guaranteed level premiums for the entire term. The policy can be tailored with several rider options, including a children's level term rider, waiver of premium rider, terminal illness rider, and accelerated death benefit. The PL Promise Term policy has different age limits depending on the term length, with an upper age limit of 80 years for the 10-year level premium period and an age range of 18-55 for the 30-year level premium period.

Pacific Elite Term:

The Pacific Elite Term policy offers higher coverage amounts, with death benefits ranging from $750,000 to $3 million or more, depending on underwriting. It also provides guaranteed level premiums for the entire term and can be converted to a universal policy without a medical exam. This policy is available in 10-, 20-, and 30-year terms and has age restrictions in place for each term length. The 10-year term plan is for ages 18-75, the 20-year term plan is for ages 18-65, and the 30-year term plan is for ages 18-50. This policy also includes riders such as a Terminal Illness Rider and a Waiver of Premium Rider.

Pacific Life's term life insurance policies stand out for their affordable premiums and high coverage limits. Additionally, the company offers the option to convert term policies to permanent coverage without requiring a medical exam, making it a flexible choice for those considering long-term insurance needs.

It is important to note that Pacific Life does not provide online quotes or applications for most of its policies, including term life insurance. To obtain a quote or purchase a policy, individuals need to connect with a life insurance agent or broker.

Pacific Life's permanent life insurance options

Pacific Life offers a range of permanent life insurance options, including whole life, universal life, variable universal life, and indexed universal life.

Whole Life Insurance

Pacific Life's whole life insurance option, Flex 16, provides permanent coverage, meaning it doesn't expire after a specific number of years, unlike term life insurance. Whole life insurance also provides a death benefit and a cash value component that can be accessed through a loan.

Universal Life Insurance

Pacific Life offers two types of universal life insurance products: Versa-Flex Venture UL and PL Promise GUL. Both options provide a death benefit and a cash value component that can be used for policy loans or withdrawals. The cash value grows based on a flexible interest rate with a minimum of 2%. PL Promise GUL also comes with a return of premium feature, which allows for a full or partial refund of premium payments if the policyholder decides to cancel their coverage.

Variable Universal Life Insurance

Variable universal life insurance provides permanent coverage and combines a death benefit with a direct market-driven cash value component. This means that policyholders can access flexible premiums and a wide range of variable investment options.

Indexed Universal Life Insurance

Indexed universal life insurance is a type of cash value life insurance that provides death benefit protection and index-based cash value growth potential. It offers flexible premiums and guaranteed protection from index-based losses.

Pacific Life's universal life insurance options

Pacific Life Insurance offers a range of universal life insurance options, which provide death benefit protection, guaranteed minimum interest crediting rates, and flexible coverage customization. Here is an overview of their universal life insurance products:

Versa-Flex Venture UL

This product is designed to offer flexibility to adapt to changing needs. It provides death benefit protection along with responsive interest crediting potential. The Versa-Flex Venture UL policy offers a no-lapse guarantee, ensuring coverage from age 90 to a lifetime (age 121). However, this guarantee is subject to certain limits, and additional premiums may be required if the no-lapse feature terminates.

Indexed Universal Life Insurance (IUL)

IUL offers growth potential through index-based interest crediting rates while also providing the protection of guaranteed minimum interest rates. It allows you to credit interest based on the performance of major stock market indexes, excluding dividends. Your policy's cash value is protected from market-based losses and can only be reduced by policy charges, loans, withdrawals, or other distributions.

Variable Universal Life Insurance (VUL)

VUL is characterized by its flexibility, allowing you to allocate your cash value among market-driven and fixed options with guaranteed minimum interest crediting. You can adjust your policy's allocations to meet your growth objectives and risk tolerances within a single flexible policy. This type of policy provides death benefit protection and the freedom to choose an investment strategy that suits your needs.

Pacific Life Insurance's universal life insurance options offer a range of benefits, including tax-free death benefits, competitive guarantees, and customization options. These policies are designed to protect your family, estate, or business while also providing flexible solutions to meet your long-term financial goals.

Pacific Life's no-medical-exam options

Pacific Life Insurance Company offers a range of no-medical-exam options for those seeking life insurance. While the company does not provide online quotes or applications, except for the PL Promise Term life policy, it has a seamless application process with Pacific Accelerated Life+ (PAL+). This program intelligently routes clients' applications for the least invasive underwriting method possible.

For instance, if a client is first considered for accelerated underwriting but does not qualify, they are automatically evaluated for modified underwriting, which requires a physical with full lab work within the past 12 months. If they do not qualify for modified underwriting, they are then shifted to traditional underwriting.

Pacific Life's term policies can be converted to permanent policies without a medical exam, making them an attractive option for those considering permanent coverage in the future. The company offers two term life insurance options: PL Promise Term and Pacific Elite Term.

PL Promise Term is suitable for smaller coverage amounts and has more term lengths available, ranging from 10 to 30 years. It offers a minimum death benefit of $50,000 and can be customized with several rider options, including a children's level term rider, waiver of premium rider, terminal illness rider, and accelerated death benefit.

On the other hand, Pacific Elite Term comes with higher coverage amounts, with death benefits starting at $750,000 and going up to $3 million or more. It offers term lengths of 10, 20, and 30 years and can be converted to a permanent option after 10 years. This policy also includes riders such as a Terminal Illness Rider and a Waiver of Premium Rider.

Pacific Life's ratings and reviews

Pacific Life has received generally positive ratings and reviews from customers and industry experts. The company has been praised for its strong financial position, diverse insurance offerings, and excellent customer service.

In terms of financial strength, Pacific Life has consistently earned high ratings from credit agencies such as AM Best, Standard & Poor's, and Moody's. AM Best, for instance, has assigned Pacific Life an A+ (Superior) rating, indicating the company's ability to meet its financial obligations and pay out claims. This strong financial position provides confidence to customers that Pacific Life will be able to fulfil its promises over the long term.

Pacific Life also stands out for its diverse range of insurance products, including term life, whole life, universal life, indexed universal life, and variable universal life insurance. This variety of options allows customers to choose the type of coverage that best suits their needs and preferences. The company's term life insurance, in particular, has been recognised as having some of the lowest rates across different age groups, making it an attractive choice for individuals seeking affordable coverage.

Additionally, Pacific Life has been recognised for its exceptional customer service. In the J.D. Power 2023 U.S. Individual Life Insurance Study, the company scored higher than the industry average for overall customer satisfaction. This is further reinforced by its low complaint index score from the National Association of Insurance Commissioners (NAIC), indicating that customers are generally happy with the level of service provided by Pacific Life.

While the company has received mostly positive feedback, there are a few areas where improvements have been suggested. Some customers have expressed a desire for digital tools, such as an online quote system or a mobile app, which are currently not offered by Pacific Life. Additionally, the company's life insurance products are not available in all states, including New York, which may limit the accessibility of their services to some potential customers.

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